Tesla (TSLA) Stock: $700 Target By Bank of America

By Amit Chowdhry ● May 22, 2021
  • The shares of Tesla Inc (NASDAQ: TSLA) have received a price target decrease from $900 to $700 by Bank of America. These are the details.

The shares of Tesla Inc (NASDAQ: TSLA) have received a price target decrease from $900 to $700 by Bank of America. And Bank of America analyst John Murphy is maintaining a “Neutral” rating on the company shares.

According to Murphy, Tesla will continue to utilize its stock to raise capital through low-cost equity offerings to speed up aggressive capacity expansion plans globally. At the same time, the company is going to drive unit output and revenue substantially higher.

In the research note, Murphy adjusted the valuation model to imply enterprise value to expected 2021 sales to 15.5 times from 23 times before.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.